CASE STUDY — SELL SIDE

Sector: Consumer Staples
Industry: Food-Home Delivery
Has been acquired by:

Company

Instead of Flowers, Inc. (“IOF” or the “Company”) is a leading e-commerce provider of gourmet gifts and meals. IOF is based in Atlanta, GA, with an additional location in St. Petersburg, FL. The Company offers overnight delivery of gourmet meals to gift recipients on behalf of retail consumer and corporate customers. IOF prepares all customer meals in its Georgia and Florida kitchen locations and provides delivery to 47 states across the U.S., hand delivering its meals via courier in the Atlanta and Tampa markets and shipping meals overnight via UPS to other areas.

Situation

IOF was founded in 1990 by Micah Serwitz (“Owner”), who had developed the Company into a strong regional brand with a reputation for a high-quality product. The Owner recognized that the Company was poised for continued growth and that opportunities existed for expansion into new locations and additional service lines. However, after more than 30 years in the catering and food-related gift industry, the Owner decided it was time to explore a strategic sale or recapitalization of the Company with a partner that could leverage the Company’s capabilities and expertise to take IOF to the next level.

Advisory Role

BCA was engaged by IOF as its exclusive financial advisor in its sale process. After an extensive review of the food-related gift industry, BCA ran a narrow sales process with a focus on strategic buyers and Southeast-based financial buyers that could complete a transaction with the timing and structure acceptable to the Owner.

Result

Bravaldo Capital Advisors successfully sold IOF to a privately held investment group.

Bravaldo Capital Advisors

Bravaldo Capital Advisors is a boutique Atlanta based mergers & acquisitions and corporate finance advisory firm, providing independent economic and financial advice and execution services for lower middle market companies in a variety of industries with revenues typically between $10 million and $300 million. BCA offers a full range of transaction and advisory services, guiding clients through sell-side transactions and exit strategy planning, growth through acquisition, debt restructuring and corporate recapitalization. The BCA team is a senior deal team with extensive knowledge and insight into the full life cycle of M&A and corporate finance engagements.